According to a story that was just published by the Wall Street Journal, four of the most senior executives of Coinbase have collectively gained more than one billion dollars by selling their shares of the firm since the exchange went public a year ago.
According to the article, the executives who were engaged in the act were Brian Armstrong and Fred Ehrsam, who were the co-founders of the company, as well as Emilie Choi, who is the Chief Operating Officer, and Surojit Chatterjee, who is the Chief Product Officer.
According to the study, Fred Ehrsam had the greatest sales with “almost half a billion dollars in stock transactions,” while other individuals, such as Armstrong, had sold shares for $292 million.
The other executives, Choi and Chatterjee, have collectively disposed of shares worth a total of $226 million and $110 million respectively.
It was reported that the shares were sold at various periods throughout the market, with some transactions taking place while the stock was trading for as much as $422 and others taking place when the stock was trading for $189.
According to the WSJ, a spokeswoman for Coinbase was quoted as saying that the aforementioned Coinbase executives hold prominent roles inside the firm, which reflects their dedication to our long-term potential.
“The pricing performance of the single publically traded cryptocurrency exchange has not been all that promising in the most recent times,” the author writes.
The company disclosed on its results call for the first three months of 2022 (Q1 2022) that its revenue was declining, and that it also saw a shrinking user base during this same time period. This decrease has been the impetus for some of the recent moves taken by the company as it strives to expand its presence into new regions.
The price of Coinbase shares, which was trading at $74.69 at the time of this publication, is down by more than 70 percent compared to its year-to-date (YTD) indicator.
Despite this, the stock market was nevertheless able to make it into the list of the 500 most profitable companies in the world. Coinbase is the first company in the cryptocurrency industry to make it into the Fortune 500 list, which ranks the biggest 500 firms in the United States based on their gross revenue.
Coinbase apparently profited from the “freakish conditions of COVID,” as stated in the preface that was penned by Alyson Shontell, the Chief Editor of Fortune.